Ozil will earn £350,000-a-week after ending speculation over his future at the Emirates.

That would make the 29-year-old German the highest-paid Arsenal player in the club's history.

Ozil joined Arsenal from Real Madrid in 2013, arriving for what was then a club-record transfer fee of just over £42million.

Chile forward Alexis Sanchez had also been out of contract with Arsenal at the end of the season, and he joined rivals Manchester United last week in a deal which saw Henrikh Mkhitaryan move in the opposite direction.

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Arsenal completed the signing of Pierre-Emerick Aubameyang from Borussia Dortmund in the first major deal of transfer deadline day.

The Gabon forward has joined the Gunners on a long-term contract for a club-record fee, which is reported to be in the region of £56million.

Aubameyang's confirmed arrival is expected to be followed by Chelsea forward Michy Batshuayi heading to Dortmund on a loan deal, with the transfer window in Germany set to close at 5pm GMT.

During Wednesday morning, photos emerged on social media of Batshuayi undergoing what appeared to be a medical in Dortmund club shorts.

That move in turn should clear the way for Olivier Giroud to join Chelsea, with a fee of around £18million reported to have been agreed for the France forward who came off the bench in Arsenal's 3-1 defeat at Swansea on Tuesday night.

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Following the loss in Wales, a video of Arsenal manager Arsene Wenger discussing the signing of Aubameyang was uploaded to the club's official website, posted to an article which looked back on the match, before being later removed.

Arsenal confirmed the transfer just after 11.15am on Wednesday.

Aubameyang had joined Dortmund in 2013 and will link up with his former team-mate Henrikh Mkhitaryan, who moved to Arsenal in the swap deal which saw Alexis Sanchez head to Manchester United.

Chelsea bolstered their defensive options on Tuesday with the confirmed arrival of Emerson Palmieri from Roma.

Manchester City, meanwhile, signed defender Aymeric Laporte from Athletic Bilbao in a club-record £57million deal on Tuesday, before bringing in English midfielder Jack Harrison from sister club New York City.

Manager Pep Guardiola is understood to be keen to bring in more attacking cover, with a deadline-day raid for Leicester forward Riyad Mahrez a possibility, although it would take another big-money offer to convince the Foxes to sell.

Elsewhere, Tottenham are expected to confirm the signing of Lucas Moura from Paris St Germain.

The Brazilian winger arrived at Spurs' Enfield training base on Tuesday morning ahead of a medical and completing a £25million switch.

Stoke have been closing in on a deal for midfielder Badou Ndiaye from Galatasaray, while Arsenal look set to allow defender Mathieu Debuchy to join French club St Etienne.